The incumbent, CheethambellJWT, has worked on the business for the past 13 years and is understood to be taking part in the pitch. A longlist of competing agencies is being drawn up.
The Tussauds Group owns a range of attractions including three theme parks: Alton Towers, Thorpe Park and Chessington World of Adventures. CheethambellJWT works on all these areas of the business, as well as on Warwick Castle promotions.
Heresy creates work for the group's range of city-based attractions, including Madame Tussauds waxworks museum and the London Eye. It won the account from DDB London in November 2003 and is not thought to be affected by the review.
Recent promotional activity saw a TV ad publicising Imperial Leather's sponsorship of Alton Towers' flume ride.
Neither Tussauds Group nor CheethambellJWT were available for comment.